Biden signs Inflation Reduction Act with climate funding and Medicare drug negotiation

President Biden signs the Inflation Reduction Act (P.L. 117-169) into law, the largest climate investment in U.S. history. The law allocates $369 billion for clean energy and climate programs, grants Medicare the authority to negotiate prescription drug prices for the first time, caps out-of-pocket drug costs for Medicare beneficiaries at $2,000 annually, and extends ACA subsidies for three years. The bill passes the Senate 50-50 with Vice President Harris casting the tie-breaking vote, and the House 220-207. No Republicans vote for it. The deal comes together after a surprise agreement between Senate Majority Leader Schumer and Sen. Joe Manchin.